On Monday, the regulator launched an “invitation to comment,” allowing interested parties to submit “any initial views on the impact that the transaction could have on competition in the UK.”

The deadline for comments will be April 27. The CMA is asking that responses be sent to paramount.warnerbrosdiscovery@cma.gov.uk.

The invitation to comment comes after Paramount CEO David Ellison previously met with U.K. Secretary of Culture, Media and Sport Lisa Nandy to discuss issues in the film and TV industry and his bid for Warner Bros. Discovery in January.

In its notice, the CMA said that it has “received the necessary information from the parties to commence pre-notification,” but has not yet launched a formal investigation into the transaction.

“Effective competition helps ensure UK customers can enjoy quality content at a competitive price. The film and TV industries contribute billions to our economy, so it’s important we assess whether deals between studios may harm competition,” a CMA spokesperson told TheWrap. “Today’s invitation to comment is an initial step as we review Paramount’s purchase of Warner Bros Discovery. We expect to launch our Phase 1 investigation in the coming weeks.”

Under a Phase 1 review, the CMA would have 40 working days to decide whether the merger needs a more in-depth review. If it finds concerns with the merger, it will give the merging businesses five days to propose remedies to address its concerns.

The CMA would then have up to 5 more working days to consider the remedies. If none are offered or it does not accept them, the merger would be referred to a Phase 2 review. If if decides to accept remedies provisionally, it would publicly consult on them and consider any responses, with a deadline of 50 working days to make a decision.

If the review moves to Phase 2, an independent “inquiry group,” which consists of 3 to 5 people with a range of business, finance, economic and legal experience, would lead the investigation and makes the final decision within 24 weeks. In special circumstances, a Phase 2 investigation can be extended by up to eight additional weeks.

The inquiry group would then either clear the merger, consider remedies such as asset divestitures or a legal commitment from the merging businesses to behave in a certain way, or block the merger.

The CMA’s move comes after the Hart-Scott-Rodino waiting period in the U.S. Department of Justice’s review expired on Feb. 19. Despite the expiration, the DOJ can still investigate or challenge a Paramount-WBD deal.

Some U.S. lawmakers have also demanded that the Committee on Foreign Investment in the United States (CFIUS) to conduct a review of the deal, though Paramount has said that the Middle Eastern sovereign wealth funds who have contributed equity financing do not meet the threshold that would trigger a mandatory review.

Paramount and Warner Bros. expect the merger to close by the third quarter, subject to regulatory and shareholder approval. A shareholder vote is slated for April 23.

In the event the transaction does not close by Sept. 30, WBD shareholders will receive a 25 cent per share “ticking fee” for each quarter until closing. In the event that the deal does not close at all due to regulatory matters, Paramount will pay WBD a $7 billion termination fee.

The post UK Regulators Ready Investigation of Paramount-Warner Bros. Merger appeared first on TheWrap.

The move will give U.S. District Judge Troy Nunley another seven days, or until April 17, as he prepares a ruling on whether a preliminary injunction is needed to outright block the deal, which would create the largest broadcast station ​group in the U.S. reaching 80% of American households.

On March 27, Nunley put the deal on pause in response to a federal antitrust lawsuit by DirecTV. A group of eight state attorneys general led by California and New York also filed a separate lawsuit seeking to block the merger, which has since been consolidated into one legal action. The legal action came after Nexstar-Tegna was approved by the FCC and DOJ last month and closed just minutes later.

The group alleges the proposed combination would “irreparably drive up consumer costs, reduce local competition, shutter local newsrooms and increase both frequency and duration of blackouts of key local teams and network programming.”

In addition to the seven-day extension, Nunley has also modified the order after Nexstar and Tegna warned that it would cause “immediate operational harm” and couldn’t be fully complied with. The modifications are as follows:

1. The TRO (paragraphs 1, 2, 4, 5, 9, and 10) shall allow Nexstar to undertake ordinary course cash management, ordinary-course intercompany transfers, and ordinary-course debt service and repayment activities necessary to comply with Nexstar’s financing obligation, including refinancing activities, security perfection, and guaranty, provided that Nexstar does not use this provision as a pretext to undermine TEGNA’s viability as a going concern
2. The TRO (paragraphs 1, 2, 3, 4, and 5) shall allow Nexstar to take reasonable actions  necessary to maintain TEGNA’s day-to-day operations, including authorizing routine financial transactions such as wire transfers for ordinary course payments, without violating the TRO’s prohibition on “influence” 
3. The TRO (paragraphs 1, 2, 3, 4, and 5) shall allow Nexstar to take actions necessary to establish a functional governance structure for TEGNA, including appointing or reappointing officers, to the extent necessary to permit TEGNA to fulfill the TRO. It shall not be considered “influence” for Nexstar to provide and implement Sarbanes-Oxley requirements, including setting thresholds for contract approval, expenditure authorization and other financial limits similar to the interim operating covenants that applied to TEGNA’s independent management of the business pre-closing. Nexstar shall not appoint current Nexstar employees, or former employees employed within the prior six months, as TEGNA officers and no TEGNA officer shall be an officer of Nexstar;
4. The TRO (paragraphs 1, 2, 3, 4, and 5) shall allow Nexstar to take all reasonable steps to perform all obligations required under its debt instruments, SEC reporting requirements, or refinancing transactions, including coordination with TEGNA personnel as necessary, provided that such coordination is narrowly tailored to complying with reporting  requirements and avoiding breaches under debt instruments. This includes permitting  Nexstar to complete required SEC and debt agreement reporting for the combined company within applicable deadlines, oversight by Nexstar management as to the accuracy of TEGNA financial statements, including compliance with internal controls and  procedures, in coordination with TEGNA personnel. If the sharing of TEGNA’s  confidential information with certain Nexstar employees is necessary to accomplish such reporting requirements, such information must be maintained separately from Nexstar’s files and used solely for those reporting requirements;
5. The TRO shall allow Nexstar to require that management of TEGNA adhere to the interim operating covenants set forth in the Merger Agreement (ECF No. 63-4), in their entirety, and in the same manner as applied pre-closing, provided however that TEGNA shall continue to have authority concerning ordinary course contracts, including contracts concerning retransmission consent, as provided by operating covenant 6.1(b)(xiii);
6. The TRO (paragraphs 1, 2, 3, and 4) shall allow Nexstar to appoint or reappoint TEGNA  23 officers as necessary for TEGNA to exercise independent decision-making authority for retransmission matters. Nexstar shall not appoint current Nexstar employees, or former employees employed within the prior six months, as TEGNA officers and no TEGNA  26 officer shall be an officer of Nexstar 
7. The TRO shall allow Nexstar to require that management of TEGNA adhere to the interim operating covenants set forth in the Merger Agreement (ECF No. 63-4), in their entirety, and in the same manner as applied pre-closing, provided however that TEGNA shall continue to have authority concerning ordinary course contracts, including contracts concerning retransmission fees, as provided by operating covenant

Nunley’s decision follows an hours-long hearing that was held in Sacramento, Calif. on Tuesday for Nexstar-Tegna and DirecTV and the state attorneys general to present their arguments.

Nexstar attorney Alexander Okuliar argued during the hearing that the combined entity’s larger size would be critical to protecting local broadcast news and would help the companies better compete against Big Tech.

“We don’t want ⁠local broadcast to end up like the local newspaper industry did 30, 40 years ago,” he said.

The deal gives Nexstar a total of 265 television stations in 44 states and the District of Columbia, adding Big-4 affiliate stations in Phoenix, Atlanta, Toledo and Portland. The combined company will also have stations in nine of the top 10 markets, and in 41 of the top 50.

Approval of the deal was subject to raising or eliminating the 39% national TV ownership cap put in place by Congress in 2004 to protect viewpoint diversity, as well as prevent monopolization. However, instead of modifying the ownership rules, FCC Chairman Brendan Carr granted the companies a waiver and asserted that the decision would empower broadcast TV stations and foster local journalism. Additionally, Nexstar agreed to divest six stations across six different DMAs and agreed to make commitments to affordability and localism, helping close the deal.

Nexstar shares are up over 4% on Friday following Nunley’s order.

The post Judge Extends Nexstar-Tegna Merger’s Temporary Restraining Order appeared first on TheWrap.

The firm notes that the $110 billion deal is the result of a “competitive sales process and public bidding war between NFLX and PSKY, which provides shareholders comfort that the proposed deal is the best available.” It also said that shareholders are receiving a “meaningful premium to the unaffected share price” and that there’s a “potential downside risk of non-approval.”

However, it argues that the Warner Bros. Discovery CEO’s payout “represents one of the highest golden parachute estimates ever observed” due to a “problematic” $335.4 million tax reimbursement and “single trigger vesting acceleration” for the vast majority of the package’s unvested equity awards, meaning that Zaslav would be paid as soon as a change in control occurs.

Under the terms of the package, Zaslav will receive $34,219,178 in cash, $517,204,781 in equity, $44,195 in “perquisites and benefits.” The cash component includes $6 million in salary severance and $28.2 million in bonus severance. Meanwhile, the equity component includes $443,131,800 in options, 60,867,415 in restricted stock units and 13,205,566 in performance-based restricted stock units.

ISS argued that “auto-acceleration of unvested equity is not a best practice, and the full vesting acceleration of very recently-granted equity intended to cover multiple years represents a windfall.”

Additionally, Zaslav is eligible to receive a tax reimbursement, though the actual amount will “significantly decline with the passage of time” under IRS rules depending on when the deal closes. Had it closed on March 11, Zaslav would’ve been eligible for a $335.4 million tax reimbursement, bringing his estimated total compensation package to $887 million.

“Excise tax gross-ups represent an extraordinary cost that are inconsistent with common market practice, and most companies have eliminated such entitlements as a matter of good governance,” ISS added.

Based on current estimates from WBD’s outside tax advisers, if the Paramount-WBD closing were to occur in 2027, no tax reimbursement payment would be expected to be made to Zaslav.

ISS is one of the most influential proxy advisory firms, with many institutional shareholders following its recommendations. Its recommendations, which are updated through an annual survey with institutions, public companies and other stakeholder to gauge their views, aligned with management approximately 96% of the time for S&P500 companies during the 2025 proxy season.  

The Paramount-Warner Bros. merger is expected to close by the third quarter, subject to regulatory and shareholder approval. A shareholder vote is slated for April 23. The advisory vote on executive pay is non-binding.

In the event the transaction does not close by Sept. 30, WBD shareholders will receive a 25 cent per share “ticking fee” for each quarter until closing. In the event that the deal does not close at all due to regulatory matters, Paramount will pay WBD a $7 billion termination fee.

The post David Zaslav’s $887 Million Golden Parachute Rejected as ‘Problematic’ in Shareholder Advisory Firm’s Paramount-WB Assessment appeared first on TheWrap.

The move comes as the company has been conducting an internal investigation into a lawsuit brought against the executive by whistleblower and Las Vegas gambler R.J. Cipriani.

Cipriani has accused Shell of failing to pay him for crisis communications services he allegedly provided to the executive. He also claimed that Shell disclosed material, non-public information to him, including details about Paramount’s $7.7 billion UFC media rights deal and its plans to sweeten its bid for Warner Bros. Discovery. Shell subsequently countersued and accused Cipriani of defamation and extortion and Cipriani responded by widening the scope of his lawsuit to include Paramount, its board of directors and the Ellison family. 

In a statement, Paramount said that following a thorough review with independent counsel, the “facts demonstrated that these allegations do not establish a securities law violation.”

“Mr. Shell promptly notified [Paramount Skydance] of these accusations and is taking forceful legal action. [Paramount Skydance] and its named Board members will respond in the proceedings to the frivolous and baseless claims against [Paramount Skydance] and its named Board members and stockholders,” the statement continues. “Consistent with Mr. Shell’s commitment to prioritizing [Paramount Skydance]’s success, he has elected to transition from his positions as President of [Paramount Skydance] and a member of [Paramount Skydance]’s Board of Directors to focus on this lawsuit. [Paramount Skydance] is grateful for Mr. Shell’s many contributions and to have relied on him as a valued advisor.”

Cipriani is seeking at least $150 million in damages, while Shell is seeking an unspecified amount of compensation for all damages and losses caused by Cipriani’s accusations, as well as an “injunction restraining Cipriani from further defaming Shell.”

A spokesperson for Shell declined to comment.

Prior to being recruited by David Ellison, Shell was ousted from NBCUniversal in 2023 over allegations of sexual harassment from former CNBC correspondent Hadley Gamble, with whom he admitted to having an “inappropriate relationship.”

He would ultimately land at Gerry Cardinale’s RedBird Capital Partners, which helped fund Skydance’s $8 billion acquisition of Paramount and is backing the $47 billion in equity financing for Warner Bros. alongside the Ellison family. He would officially join the Paramount Skydance leadership team after the announcement of the merger in July 2024.

Shell’s departure comes as the Paramount-Warner Bros. merger is expected to close by the third quarter, subject to regulatory and shareholder approval. A shareholder vote is slated for April 23.

In the event the transaction does not close by Sept. 30, WBD shareholders will receive a 25 cent per share “ticking fee” for each quarter until closing. In the event that the deal does not close at all due to regulatory matters, Paramount will pay WBD a $7 billion termination fee.

The post Jeff Shell Out as Paramount Skydance President appeared first on TheWrap.

In an SEC filing on Tuesday, the David Ellison-owned media giant confirmed that Saudi Arabia’s Public Investment Fund (PIF), Abu Dhabi’s L’Imad 1st SPV 2 Exempt RSC and the Qatar Investment Authority’s QIA TMT Holding LLC will contribute equity financing to the $110 billion deal. Also contributing will be through LionTree Investment Fund.

Paramount said the “successful Equity Syndication” is an “important milestone in the WBD transaction process” and that their participation would diversify its shareholder base and offer the potential for “strategic and commercial opportunities.” It was not immediately clear what those strategic and commercial opportunities entail.

The investment comes at a tenuous time, with a conflict in Iran destabilizing the region. At home, lawmakers like Sen. Cory Booker have called for federal regulators to conduct a review of the foreign backing. The investment isn’t significant enough to trigger an automatic review by Committee on Foreign Investment in the U.S., although a voluntary one could be called.

For the Middle Eastern sovereign fund, the investment marks one of its biggest investments in U.S. media, with Saudi Arabia’s PIF in the midst of taking video game giant Electronic Arts private, as the countries look to diversify their investments away from energy.

Under the terms of the equity syndication, these investors will receive warrants to purchase Paramount stock that will equal the “20-trading-day average of the daily volume-weighted average price of PSKY Class B Common Stock.” This will be determined as of the third business day prior to the closing of the merger, subject to a ceiling of $16.02 per share and a floor of $12 per share.

One warrant will be issued for each share of Paramount common stock that the equity investor holds. Paramount said the warrants “support its longer-term objective of a wider and deeper public float.”

The move comes after the Ellison family and RedBird Capital Partners, who have said they are prepared to back the deal’s full $47 billion in equity financing, previously disclosed that other financial and strategic partners could be included at closing.

The Middle East funds’ and LionTree’s stakes will be non-voting and the Ellison family and RedBird will continue to hold the largest equity stake in Paramount Skydance as sole owners with 100% of the voting shares. The filing also states that their investments are “structured to comply with all applicable U.S. regulatory requirements (including FCC requirements), and will not impact the timing or likelihood of closing under the [Warner Bros. Discovery] Merger Agreement.”

While the SEC filing does not disclose how much each company is investing, the three Middle Eastern sovereign wealth funds previously committed a total of $24 billion. The Wall Street Journal reported that roughly $10 billion of that will come from PIF. The deal also includes $54 billion of debt commitments from Bank of America, Citigroup and Apollo.

In addition to the Middle East Funds, Jared Kushner’s Affinity Partners previously agreed to contribute financing for Paramount’s Warner Bros. bid, but later backed out. China’s Tencent Holdings, which is a passive investor in Skydance, also previously committed $1 billion but later backed out. While Bloomberg reported last month that Tencent was considering investing several hundred million dollars in the combined entity, the Journal reports that Tencent is not involved in the deal.

Shareholders will vote on the Paramount-Warner Bros. deal during a special meeting on April 23. The deal is also subject to regulatory approval.

The deal is expected to close by the third quarter, though Paramount executives have told employees to prepare for the deal to close as soon as July, according to WSJ.

If it doesn’t close by Sept. 30, shareholders will get a 25 cent per share “ticking fee” — or approximately $650 million — each quarter until closing. If it doesn’t close at all due to regulatory matters, WBD will get a $7 billion termination fee.

The post Paramount Confirms Middle East Sovereign Wealth Fund Investment to Back Warner Bros. Deal appeared first on TheWrap.

Kalshi data will be incorporated across Fox’s TV and digital platforms, and used for data visualizations spanning politics, economics and weather reports, according to the company. Fox News will not use Kalshi data for its election coverage, TheWrap has learned, as the network has its own election data team.

The Hollywood Reporter first reported the news.

The agreement is a “sponsored integration,” or paid product placement. It comes as media companies continue to lean into the prediction market space; CNN and CNBC both struck deals with Kalshi last year, and the Associated Press licensed its election data to the service last month. Dow Jones, parent company of the Wall Street Journal made a deal with rival Polymarket, which also joined with Penske Media to become the Golden Globes’ official prediction partner earlier this year.

“More people are watching Kalshi’s forecasts than trading them, which says a lot: our data effectively complements news and polls,” Tarek Mansour, co-founder and CEO of Kalshi, said in a statement. “As misinformation grows more common, Kalshi offers accurate, unbiased data to help people better understand what’s going on in the world.”

“Prediction markets have quickly become an essential data point and a compelling new experience across our live content portfolio,” Paul Cheesbrough, Tubi Media Group’s CEO, added in the statement. “By integrating Kalshi’s real-time data into our fast-growing streaming platform FOX One and across FOX News Media’s leading networks, we’re giving audiences both deeper insights and a more engaging way to follow the stories that matter most.”

Kalshi also said institutions such as the Federal Reserve have adopted its data. About 70% of users turn to the platform to follow market trends, while 30% place bets, the company said.

The post Fox Corp, Kalshi Strike Deal to Bring Prediction Data to TV, Streaming appeared first on TheWrap.

Saudi Arabia’s Public Investment Fund has agreed to provide roughly $10 billion of the total, per the outlet. Other Middle East investors include the Qatar Investment Authority and Abu Dhabi’s L’imad Holding Co.

Representatives for Paramount declined to comment. PIF, QIA and L’imad Holding Co. did not immediately return TheWrap’s request for comment.

The $24 billion commitment was first revealed back in December, when Paramount was competing in a bidding war for Warner Bros. Discovery with Netflix, who previously reached an $83 billion deal for WBD’s studio and streaming assets but later dropped out.

However, Paramount had not previously confirmed whether the Middle East funds were included in the final $110 billion deal, which is expected to close in the third quarter. While they’ve noted that other strategic or financial partners could contribute equity financing at closing, Paramount has said that the Ellison family and RedBird Capital Partners are prepared to fully back the $47 billion in equity financing. The deal also includes $54 billion of debt commitments from Bank of America, Citigroup and Apollo.

The Journal notes that the Gulf investors are not expected to trigger a review by the FCC nor the Committee on Foreign Investment in the United States (CFIUS), which would be required if a foreign entity obtains a 25% or more voting interest in a U.S. company and a foreign government holds a 49% or greater voting interest in that foreign investor. Paramount has previously said the Middle East funds would not have board seats nor governance rights.

In addition to the Middle East Funds, Jared Kushner’s Affinity Partners previously agreed to contribute financing for Paramount’s Warner Bros. bid, but later backed out. China’s Tencent Holdings, which is a passive investor in Skydance, also previously committed $1 billion but later backed out. While Bloomberg reported last month that Tencent was considering investing several hundred million dollars in the combined entity, the Journal reports that Tencent is not involved in the deal.

Shareholders will vote on the Paramount-Warner Bros. deal during a special meeting on April 23. The deal is also subject to regulatory approval.

According to the Journal, Paramount executives have told employees to prepare for the deal to close as soon as July. If it doesn’t close by Sept. 30, shareholders will get a 25 cent per share “ticking fee” — or approximately $650 million — each quarter until closing. If it doesn’t close at all due to regulatory matters, WBD will get a $7 billion termination fee.

Shares of Paramount popped 3.6% in trading on Monday following the news.

The post Paramount Secures $24 Billion Commitment From Middle East Sovereign Wealth Funds for Warner Bros. Deal appeared first on TheWrap.

Historically, state AGs have worked in tandem with federal regulators like the Department of Justice and Federal Trade Commission on antitrust enforcement. But under the Trump administration, M&A regulation has taken a radical turn. 

“The federal government is retreating from its traditional role, abdicating its responsibility to enforce antitrust law and seemingly picking winners and losers,” California Attorney General Rob Bonta told TheWrap.

That’s forcing the state AGs to play a more central role in deciding whether some of the biggest deals in the U.S. will reduce competition and hurt consumers. Among them are the recently approved $6.2 billion merger of Nexstar and Tegna, which creates a massive local TV giant that reaches 80% of U.S. households, and Paramount’s pending $110 billion acquisition of Warner Bros. Discovery, which could eliminate or downsize one of the major U.S. studios and consolidate two historic news organizations  — CBS News and CNN — under a single owner.

In the case of Nexstar-Tegna, DirecTV and state attorneys general led by California and New York sued to block the deal, warning it would “irreparably drive up consumer costs, reduce local competition, shutter local newsrooms and increase both frequency and duration of blackouts of key local teams and network programming.” Despite receiving federal approval by the DOJ and FCC and closing minutes later, a judge has put Nexstar-Tegna on hold with a temporary restraining order and will hear arguments on Tuesday — a victory that experts say could embolden the state AGs to more aggressively go after Paramount-WBD.

While Bonta has warned he’d be “vigorous” in California’s review of Paramount-WBD, he told TheWrap that state AGs are still weighing whether they’ll sue to block it as the regulatory review process continues to play out with U.S. and international agencies. He declined to disclose an exact timeline on when that may be decided, but emphasized they’re prepared to “act timely” if they choose to do so. 

“We see the red flags with these two proposed mergers,” Bonta said. “We will ensure that the needed and necessary antitrust enforcement job required for these types of proposed mergers gets done, even if the federal government is abdicating their responsibility and refusing to do their job.” 

Though the federal government’s “refusal to participate in good faith and do the job that needs to be done is unfortunate,” Bonta argued that state AGs have “concurrent jurisdiction” and can “do everything and anything the federal government can do.” 

“If they won’t do it and we decide to do it, we have all the authority and power, weight of the law and standing to sue that they would have,” he said. “The cases will stand and fall based on the strength of the case, facts and law, not who’s bringing it. If the federal government is allowing mergers to occur that break the law, that doesn’t make our challenge to those cases any weaker, it just means that the federal government failed to do their job.”

In other words, game on.

Nexstar-Tegna is a critical moment

There’s been a mixed track record of success for state AGs. In 2024, they successfully blocked the Kroger-Albertsons merger, in which they were aligned with the FTC but secured a permanent injunction under a separate, independent challenge. But in 2020, they failed to block the Sprint-T-Mobile merger, which was approved by the DOJ with conditions, suggesting that federal approval still carries persuasive weight with courts.

Regulatory and government investigations attorney Braden Perry acknowledged that state AGs face structural disadvantages, such as “smaller litigation budgets, narrower statutory authority and state antitrust frameworks that weren’t designed to address national media consolidation.” 

But he argues their enforcement posture in 2026 is “far more aggressive and sophisticated” than during Sprint-T-Mobile and that courts appear to be more receptive to the argument that “federal inaction or inadequate action doesn’t foreclose independent state review.” He added that an outright block isn’t the only measure of success for AGs, who can still extract meaningful concessions like divestitures, pricing commitments, or content access guarantees that reshape the final terms of a transaction. 

“Whether or not any individual challenge succeeds, the cumulative effect is that dealmakers now have to factor state-level risk into their calculus from day one,” Perry said. “That’s a meaningful change in how these transactions get structured and negotiated.”

Experts said that the temporary restraining order against Nexstar-Tegna is a “significant moment” for state AG antitrust enforcement in the media space after Judge Troy Nunley found that DirecTV and state AGs established a likelihood of success on the merits of their lawsuit. 

“If a court is willing to pause a closed transaction over state-level antitrust concerns when the federal government took a pass, it establishes that state AGs have viable enforcement tools in this space,” Perry added. “The broader signal is that dealmakers can no longer treat federal clearance as the finish line.”

In a Tuesday court filing, Nexstar said that a preliminary injunction will cause “immediate irreparable harm” to the combined company and viewers in communities across the United States — including local television stations that will “not get the benefits of enhanced journalism, technological upgrades, and other immediate investments Nexstar had planned to make.”

They added that DirecTV and the state AGs show “no proof of immediate irreparable harm,” argue the requested relief is “overbroad and unworkable” and that the case is “nothing more than an attempt by DirecTV to maximize its leverage” in upcoming negotiations.” Additionally, Nexstar said that the temporary restraining order can’t be fully complied with due to actions that were already taken and legal obligations that can’t be reversed.

But New Street Research analyst and former FCC chief of staff Blair Levin is skeptical that the company would prevail in the district court and that overturning the ruling would take several years at minimum. 

“We think [Nexstar’s] best shot at overturning the District Court will be at the Supreme Court, but we are skeptical that the Supreme Court would take the case and further, that Court may not take the case until the 2028-2029 term,” Levin said. “That means a decision may not be reached until [the second quarter of 2029] and a new President and new FCC may take steps that undercut the [Nexstar] legal arguments.”

He expects that Nexstar will instead look to settle the case by divesting stations in local markets that concern the state attorneys general, but noted that the latter’s incentive to reach a settlement is “significantly reduced.” 

Though Levin isn’t ruling out an intervention by the DOJ, he argued its credibility on the matter has “likely been undercut by their prior silence as well as President Trump’s directive to get the deal done.” He also doesn’t expect that any effort by the FCC to raise the national and local ownership caps would impact the process or outcome.

Meanwhile, Citigroup analyst Jason Bazinet believes the temporary restraining order could lead to a preliminary injunction and estimates the deal’s synergies could be lowered from $300 million to roughly $240 million due to station divestitures. But he doesn’t believe the “magnitude of potential synergy reduction is large enough to scuttle the transaction” and that it will ultimately close in 2027 or 2028. 

What does the Nexstar-Tegna case mean for Paramount-WBD?

While the dynamics between the Nexstar-Tegna and Paramount-WBD mergers are different, experts argued that the former’s legal battle will have an impact on the latter deal. 

Levin said the Nexstar-Tegna case could embolden state AGs by demonstrating that they can score significant antitrust victories even if the DOJ sees no harm. Perry added that the Nexstar-Tegna pause “likely accelerates Bonta’s timeline from investigation to action and strengthens his hand in any negotiation over concessions.”

“This is a proof of concept. Bonta and other state AGs now have a concrete example of a federal court stepping in post-close to halt integration of a media merger that cleared federal review,” he said. “Before [the temporary restraining order], there was a reasonable argument that state AG challenges to these deals were politically motivated but unlikely to produce real judicial outcomes. That argument is significantly weaker now.”

Though he previously met with Paramount CEO David Ellison during the bidding war with Netflix and is aware of and reviewing his recent public statements as part of California’s own investigation, Bonta warned that “red flags are everywhere” when dealing with this type of merger.

“You have to be concerned about the potential increase in prices for consumers of streaming and TV and films that studios make, the potential decreases to wages or the cuts of jobs, the reduced competition, the reduced quality, the reduced choice,” he said. “All those are potential impacts that we see when there’s corporate consolidation of this nature and we’re looking at that closely.”

Bonta expressed confidence state AGs would be successful in outright blocking the “presumptively illegal” Nexstar-Tegna deal, but downplayed the influence the case would have on a potential Paramount-WBD challenge.

“We have to make a decision on whether we act or not on Paramount-Warner Bros. before there’s any conclusion to the Nexstar-Tegna case,” Bonta said. “So they’re independent cases and we look at each one based on their facts. If we do decide to act, the one thing I can tell you about the timeline is we will not fail to act timely, but I have no idea when that will be.”

If Bonta and the other state AGs act, companies will have to pay attention. 

“The important thing for dealmakers to know is that there are no free passes. You don’t get to break antitrust law,” he said. “ We will look, either with the federal government’s help and involvement or without, and we’ll be fair, we’ll be thorough and do the job that is required under the law.”

The post State AGs Are Pushing Back Against Media Consolidation. Is It Too Late? appeared first on TheWrap.

The deal will strengthen CNBC’s ability to provide real-time, data-driven insights with faster, more actionable analysis to help investors make informed decisions.

As part of the deal, StockStory founder and CEO Adam Hejl will join Versant and report to Deep Bagchee, Chief Product and Technology Officer for News. The StockStory team will support ongoing product and technology initiatives, with an initial focus on enhancing CNBC’s digital investing capabilities.

“At Versant, we’re focused on extending our core brands into new platforms and services to drive growth across our portfolio,” Bagchee aid in a statement. “This acquisition builds on that approach, adding capabilities that will enhance how we deliver insights and deepen engagement among retail investors across CNBC’s digital offerings.”

“We’re proud of what our team has built at StockStory – a platform combining AI and data-driven insights to help investors make better decisions,” Hejl added. “We’re excited to join CNBC, a defining and deeply respected global brand, and contribute to its next chapter of digital growth.”

Financial terms of the deal were not disclosed.

In 2025, Versant profits slid 32% to $930 million and revenue fell 5.3% to $6.7 billion as the company’s results were weighed down by declines in its linear distribution, advertising and content licensing units. But the platforms segment, which includes Fandango, Rotten Tomatoes, GolfNow, GolfPass, SportsEngine and CNBC subscription-based offerings, was a bright spot, with revenues climbing 3.9% to $826 million, led by GolfNow and Fandango.

Approximately 19% of the Versant’s revenues came from non-pay TV sources. The company expects that percentage to increase to 33% over the next three to five years. Longer-term, half of its revenue will come from its new growth areas, while the other half will come from the pay TV business. Over half of the company’s pay TV subscriber base are covered by distribution agreements through 2028 and beyond.

In 2026, the company expects total revenue of $6.15 billion and $6.4 billion driven by political advertising and new product initiatives, and adjusted EBITDA between $1.85 billion and $2 billion, with some volatility due to the timing of sports rights in the second half of the year. The platforms business is expected to return to high-single digit revenue growth in 2026, supported by a stronger box office slate, continued growth at Golf Now and a “favorable contribution” from its Indy Cinema acquisition.

The post Versant Acquires AI-Powered Financial Insights Firm StockStory appeared first on TheWrap.

“In the age of AI, it has become one of the most high-value channels for clients, delivering unparalleled cultural relevance, live engagement, and measurable impact,” Publicis Groupe CEO Arthur Sadoun said in a statement. “By combining 160over90’s scale and expertise in sports experiences, culture, and talent with the industry’s most powerful connected influencer platform, experiential capabilities, and data-driven insights, we are disrupting a highly fragmented landscape by creating a unified, end-to-end platform that connects brands to fans in ways that are both meaningful and measurable.” 

WME parent company Endeavor Group Holdings acquired 160over90 back in 2018 for $200 million before going public on the stock market in 2021. In March 2025, Endeavor was taken private by Silver Lake and was renamed WME Group.

Financial terms of the sale were not disclosed, though the Wall Street Journal pegs the value at more than $500 million.

160over90, which has over 670 employees across the U.S., U.K., EMEA and APAC, has worked on activations for global brands including the NFL’s Super Bowls, the Olympic Games, the World Cup and more.

It will be integrated into the French advertising giant’s Publicis Sports unit, which has its own intelligence platform that allows marketers to plan, personalize, and measure investments and outcomes across media, experiential, content, hospitality, sponsorships, and commerce.

Publicis Groupe and WME Group will also collaborate across talent, content financing, and marketing partnerships.

“160over90 has earned its reputation as a trusted partner to many of the world’s most influential brands, consistently delivering unique experiences and valuable partnerships on the biggest stages in sports,” WME Group president and managing partner Mark Shapiro added. “Combining forces with Publicis Sports will create an unmatched offering for brands looking to move faster and create deeper connections with sports fans, properties, and content. Additionally, WME Group’s new collaboration with Publicis Groupe will deliver more opportunities for our talent and partners to realize their business ambitions at scale.”

The deal comes as the sports media market is valued at $150 billion, while sports sponsorships have surpassed $90 billion globally. It also follows Publicis Sports’ acquisitions of Adopt and Bespoke in 2025, as well as a partnership with Magic Johnson Enterprises and the launch of Influential Sports.

The combined Publicis Sports group will report to Publicis Sports CEO Suzy Deering and sit within the company’s investment and buying arm Publicis Media Exchange to ensure access and unified delivery to all Publicis agencies and clients. 

160over90 president Robbie Henchman will remain at WME Group as a senior partner and president of WME’s brand representation business, and oversee the strategic partnership between WME Group and Publicis Groupe.   

The transaction is subject to the satisfaction of customary closing conditions, including regulatory approvals.

The post WME Sells 160over90 to Publicis Groupe for Over $500 Million appeared first on TheWrap.